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(Sharecast News) - Swiss sportswear brand On Holding named co-founders David Allemann and Caspar Coppetti new co-CEOs on Wednesday with effect from 1 May, as it "prepares to enter its next growth phase".
The pair will succeed Martin Hoffmann, who has chosen to step down as chief executive following 13 years at the company.
On Holding also announced that Scott Maguire has been promoted to president and chief operating officer. The company said he brings a "deep expertise" in engineering and design, alongside over 20 years of global leadership experience at premium brands, having been "the architect of On's innovation and operational backbone".
Caspar Coppetti said: "It is difficult to put into words how impactful Martin has been. From our early days through a landmark IPO, his commitment to our culture and financial discipline has been instrumental. It has been a privilege to work alongside him and we are deeply grateful for his partnership, his outstanding contribution and the legacy he has built."
Hoffmann said: "It has been an absolute privilege to shape On and this amazing team alongside the founders for over a decade.
"The timing to move on feels right. Over the past 12 months we have been highly engaged in defining the next growth horizon and leadership structure for On. This next chapter will be driven by the talented and experienced leaders who I've worked closely with over many years. I'm deeply confident they'll continue to do incredible work in this new, unified structure, and I will continue to be a massive supporter and a shareholder of the brand going forward."
Shares in On tanked earlier this month as investors were left disappointed with its current-year sales guidance following a record 2025 which exceeded the company's outlook across all metrics.
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